The Korea Federation of Banks to Begin Next President Selection at Front1 on the 26th

Unusually, the Regular Board Meeting on the 26th Held at Front One Instead of Bank Hall
Financial Supervisory Service Chief and Bank Presidents Gathered in One Place

[Asia Economy Reporter Park Sun-mi] The Korea Federation of Banks will hold its regular board meeting next week at 'Front1,' the world's largest startup complex support center located in Mapo, Seoul, and begin the process of selecting the next chairman. A dinner meeting between Yoon Seok-heon, Governor of the Financial Supervisory Service, and heads of commercial banks is also scheduled at Front1.

According to the financial sector on the 23rd, the Korea Federation of Banks decided to hold the regular board meeting scheduled for around 5 p.m. on the 26th at Front1 instead of the Myeongdong Bank Hall. At the regular board meeting, the federation will start the process of selecting candidates for the next chairman to succeed Kim Tae-young, whose term ends on November 30.

The method for selecting the chairman candidate and detailed schedules for the selection process will be discussed in earnest. Once the selection method is finalized at the board meeting on the 26th, a total of 11 people, including the heads of 10 banks and the chairman of the federation, will meet privately in early next month to recommend candidates. Subsequently, through several meetings involving discussions, verification, and evaluation, the final candidate will be selected.

Currently, there is a growing sentiment that a candidate with a bureaucratic background should be selected to actively reflect the voices of the banking sector. Former Financial Services Commission Chairman Choi Jong-gu, former National Assembly Political Affairs Committee Chairman Min Byung-doo, and former Financial Services Commission Chairman Lim Jong-ryong are among the names being floated as bureaucratic candidates for the next chairman.

The fact that the Korea Federation of Banks' board meeting is unusually held at Front1 is also attracting attention. Since this board meeting is the kickoff for the next chairman selection, the heads of commercial banks naturally gathering at Front1 increases the likelihood that issues such as support plans for Front1 by the banking sector, fostering startups, ventures, innovative companies, and job creation will be discussed during the meeting.

The operation of Front1 is managed by D.CAMP, the Bank Sector Youth Startup Foundation established in 2012 by financial institutions affiliated with the Korea Federation of Banks to contribute to job creation through startup support. The banking sector has contributed a total of 845 billion KRW to the foundation by the end of this year. The federation also confirmed and approved a social contribution project worth 155 billion KRW in September, including a 25 billion KRW contribution for operating Front1's startup support space, demonstrating strong support for Front1.

Notably, Governor Yoon of the Financial Supervisory Service will also attend this Front1 meeting. This will be the first time in 13 months since September last year that Governor Yoon attends a dinner meeting with bank heads at the Korea Federation of Banks' regular board meeting. Given his invitation, it is expected that the authorities' stance on banking sector issues will be conveyed and opinions exchanged with the bank heads. A banking sector official stated, "Issues such as compensation plans for suspended redemption private funds, strengthening credit loan management, and responses to the novel coronavirus disease (COVID-19) may also be discussed."

This content was produced with the assistance of AI translation services.